How do Closing Costs Work?
"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Sellers & buyers almost always negotiate to determine who will pay different portions of these costs.
As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. At Sky Apply Mortgage, Inc, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At Sky Apply Mortgage, Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Taxes
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
Property Taxes
- Recording Fees & Transfer Taxes
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
At Sky Apply Mortgage, Inc, we answer questions about closing costs every day. Call us at 8132007931.